1. Set a reasonable purchase budget
© Pixabay To define an approximate budget, you must first define the type of property that interests you. In this way, you can study the local real estate market in order to have a first idea of the budget. Indeed, you are aware that the prices displayed on the advertisements are often higher than the actual transaction prices. Thus, a good knowledge of market prices can help you determine a margin for negotiation. Generally, when looking for real estate, you tend to focus only on the purchase price. But to define your budget, you must not forget the costs associated with the purchase as well as the recurring costs. We are thinking in particular of the costs linked to the purchase (notary fees, agency fees, mortgage guarantee, etc.) and the fees that you will have to pay once the property is acquired (property taxes, insurance, housing tax, fees maintenance…). In order for your purchase to be profitable, you must therefore anticipate the additional costs. Finally, do not forget to think carefully about your contribution. This is one of the basic criteria for determining your financing plan. Not only can it change the amount of credit but also the interest rate that you can benefit from. Remember that you must not exceed 33% of debt in relation to your income. So take the time to take stock of your finances in order to calculate the monthly payments that you can manage and keep a sufficient 'living allowance'. Because being an owner is one thing, but living peacefully in your new home is another!
2. Do not neglect the location of the property
© Photo Nik Guiney on Unsplash You are not taught anything, buying a house or an apartment is an important life project. Before you start, you must take the temperature of the neighborhood. Because it is the environment of the property in question that will define your living environment for the next few years! Without forgetting the fact that the environment plays a major role in the valuation of the property and therefore its resale! Take a walk in the neighborhood and ask the neighborhood if they don't have any noise difficulties (roads, train, school…)! Also check if your neighborhood is well served by public transportation and if it is close to amenities. Finally, do not forget the exposure of your accommodation. The south orientation is to benefit to save energy! Note: you can contact the town hall to find out about the construction projects planned in your city. It would be a shame to fall for the calm of a pretty country house when a shopping center must emerge from the ground in the vicinity, would it not?
3. Calculate the volume of the accommodation correctly
© Pixabay Unless you have a rental objective, you must study the surface of your future accommodation. Ask yourself the right questions, namely: do you plan to have children? Is the space large enough for the development of all its inhabitants? Or on the contrary, do you need as much space and will you be able to manage the maintenance of a large volume? You understood, you must be sure that all the conditions are met for the well-being of the whole family. Refer to the living area or the "Carrez law" area (for condominiums) and take out your meter! If the area indicated during the purchase does not correspond to the actual area of the property (provided that the missing area is more than 5% of that entered in the contract), you can claim a reduction in the price in proportion to the margin error.
4. Check for defectsHidden defects are to be checked during visits to the property. But with regard to administrative defects, you must make the request and approach the town hall. To do what ? To check the conformity of your accommodation. Ask if the work carried out by the previous owner was carried out in conformity. For example, you can find out if a building permit has been filed for the creation of a veranda, extension or even a swimming pool! This will prevent you from paying someone else's mistakes ... In the same way, make sure that the seller (especially in the case of a sale from individual to individual) is in standard concerning the mandatory diagnoses before the sale. This concerns the presence of asbestos, natural gas, termites, natural and technological risks…
5. Plan work (or not!)
© Photo rawpixel on Unsplash If you fall for old, you will probably have to do some work. Once again, your budget may change depending on the inventory and the maintenance of the various facilities. Here is the list of things to check or (re) ask during your visits: - the condition of the roof and the frame, - the facade and walls (interior and exterior), - the ceiling and the floor, - the presence or absence of mold or stains of humidity, - the state of the insulation, - the electrical installations - the state of the plumbing, - the state of the boiler. Know that you have the right to request evidence to verify the work history and assess the amount of operations to be undertaken. And if you plan to make changes to your home, be sure to inquire beforehand. We think, for example, of the list of load-bearing walls (to know which ones we can knock down to create openings) or even study the brightness and know if it is possible to create a new skylight. Finally, if you want to redo your facade or create an extension, remember to ask the town planning regulations at your town hall for local regulations.
6. Buying a property takes time!
© Photo Jeff Sheldon on Unsplash Finally, the last thing to keep in mind before owning is not to rush! The purchase of a property can take several weeks or even several months. All the more, that by taking your time, you are putting all the chances on your side to find the ideal accommodation and this, in the best conditions! Remember that such an acquisition requires several years to amortize all costs incurred. It takes on average 5 to 6 years to make the purchase profitable, but the period can extend to more than 10 years. It is therefore in your best interest to favor a long-term investment for it to be profitable!